SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: November 19, 1998
EASTERN UTILITIES ASSOCIATES
(Exact name of registrant as specified in this charter)
Massachusetts 1-5366 04-1271872
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
One Liberty Square, Boston, Massachusetts 02109
(Address of principal executive offices) (Zip Code)
Item 5. Other Events.
In a press release dated November 19, 1998, Eastern Utilities Associates (EUA)
announced that its Montaup Electric Company subsidiary has signed agreements
with Boston Edison Company to buyout of Montaup's power entitlement from the
Pilgrim nuclear power station in Plymouth, Massachusetts. The buyout agreement
was executed in conjunction with a proposed sale of the Pilgrim unit to Entergy
Nuclear Generating Co. Montaup currently holds a contract for 11 percent of
Pilgrim's output, equivalent to 73.27 megawatts of generation capacity through
2012. This sale, subject to federal and state regulatory approvals, is
expected to be completed in 1999.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Exhibit 99a Press Release dated November 19, 1998.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
EASTERN UTILITIES ASSOCIATES
(Registrant)
By: /s/ John R. Stevens
John R. Stevens
President
Date: November 19, 1998
Exhibit 99a
Date: November 19, 1998
Release: Upon Receipt
Contact:
Financial Donald T. Sena
(617) 357-9590
General Michael J. Hirsh
(508) 559-2000 ext. 3101
Eastern Utilities Announces Buyout of Nuclear Power Purchase Contract
BOSTON, Nov. 19 -- Eastern Utilities Associates (NYSE: EUA) today
announced the signing of agreements with Boston Edison Co. (NYSE: BSE) to buy
out of its power entitlement from the Pilgrim nuclear power station in
Plymouth, Mass. The buyout agreement was executed in conjunction with the
acquisition of Pilgrim by Entergy Nuclear Generating Co., a subsidiary of New
Orleans-based Entergy Corp. (NYSE: ETR).
EUA's Montaup Electric subsidiary currently holds a contract for 11
percent of Pilgrim's output, equivalent to 73.27 megawatts of generation
capacity, through 2012. Under the buyout agreement, Montaup will purchase
decreasing amounts of Pilgrim power from Entergy through 2004. Entergy will
assume responsibility for Montaup's future operating and post-closing costs in
the plant.
"With the transfer of this power purchase contract, EUA moves another step
closer to fulfilling its commitment to divest its generating resources," said
Donald G. Pardus, EUA's Chairman and Chief Executive Officer. "Montaup has
agreements to sell all its non-nuclear generating assets as well as its share
of the Seabrook nuclear power plant and its purchase power entitlement in Ocean
State Power."
Transfer of the Pilgrim contract is expected to be completed in 1999,
following regulatory approvals.
EUA is a Boston-based energy company whose shares are traded on the New
York and Pacific Stock Exchanges. Subsidiaries include Blackstone Valley
Electric Co.; Eastern Edison Co.; Newport Electric Corp.; EUA Cogenex Corp.;
EUA Energy Investment Corp.; EUA Ocean State Corp.; EUA Service Corp.; EUA
Energy Services, Inc.; and Montaup Electric Co. Together, the companies are
known as the EUA System. Information about EUA is available on the World Wide
Web at www.eua.com
